Jubilant Foodworks CEO Ajay Kaul steps down

Jubilant FoodWorks Chief Executive Officer (CEO) Ajay Kaul has resigned from his position, the company said in its filing at the BSE on Monday.

He will continue in his current role till March 2017, the company informed in its filing

Kaul, an IIT as well as XLRI alumnus, joined Jubilant Foodworks in 2005. He will continue in his current role till March 2017, the company informed in its filing.

In April this year, the company had swapped roles of Dev Amritesh, President and Chief Operating Officer (COO), Dunkin’ Donuts India and Tarun Bhasin, President and COO, Domino’s Pizza India, to invigorate the business.

Amritesh was named the President and Chief Business Officer (CBO) of Domino’s Pizza India, while Bhasin became President and CBO, Dunkin’ Donuts India.

Despite this, Jubilant’s SSG came below street estimates of a 4 per cent y-o-y growth in the June quarter, with the outlook expected to be weak for the next few months.

For the April-June quarter, Jubilant FoodWorks, the exclusive franchisee for Domino’s and doughnut chain Dunkin’ Donuts, announced a 3.2 per cent year-on-year drop in same-store sales growth (SSG) – the lowest SSG over the past seven quarters.

The company’s operating profit was down 14 per cent, while net profit declined 31 per cent to Rs 19 crore in the June quarter.